Are you part of a nontraditional couple? — Unmarried and same-sex married couples face estate planning hurdles

Description

Abstract: The federal gift and estate tax laws, as well as the laws in most states, were designed with “traditional” marriages between a man and woman in mind. For those who don’t fall within that category because they and their partner aren’t married or because they’re part of a same-sex marriage, thorough planning is required to meet their estate planning goals. This article looks at the legal environment as it pertains to same-sex marriages, the importance of estate planning documentation for nontraditional couples, and gifting strategies.